A purchase agreement to protect 190-acre Perkins Flat has been inked between Utah Open Lands and MSICo., the private landowner affiliated with Sorenson Development Co.

The deal gives Utah Open Lands 60 days (until mid-September) to pay the $1.4 million asking price in order to protect a popular meadow eyed by developers for more than a decade. If it falls short, the fate of the pristine parcel may get murky.

Volunteers may even erect a countdown sign in the canyon to help generate greenbacks.

"I can't think of a deal we've had to do in this short of time," Wendy Fisher, Utah Open Lands executive director, said Tuesday. "We're going to be counting down to the wire."

Still, the green group got a big boost - from the government.

Salt Lake County has pledged up to $400,000 from its open-space coffers, while an additional $400,000 grant from the state's LeRay McAllister fund is pending. A private foundation contributed another $250,000, which would lower the balance to $350,000.

"It's a perfect model," County Councilwoman Jenny Wilson said of the public-private partnership. "We're hopeful."

Located about three miles from the mouth of Emigration Canyon - east of Ruth's Diner - 28 acres of the parcel are flat, highly coveted by developers and the reason for the high price.

But the whole hillside serves as a refuge for hikers, bikers and some wildlife. And Fisher worries any building on the land - it is carved in half by Emigration Creek - could affect the watershed.

"If it's not protected, it will be developed in some form," she said. "It's a question that needs to be taken off the table. It's one of the few open meadows left in the valley."

Justin Barney, property administrator for MSICo., downplays the development potential. While builders had submitted backup offers, Barney notes they came before the new deal.

Now, he says, the company supports protecting the parcel and has structured the agreement as a "bargain sale."

"We recognize there is a lot of public interest. This is a good resolution for this property."

Meantime, as the calendar clicks, Utah Open Lands is desperate for dough. Officials have pleaded with Emigration residents in writing and are planning an Aug. 20 fund-raiser at the Hi-Ute Ranch near Park City.

Even with government aid, Fisher insists the goal will be a challenge.

"If we don't raise the money or gain the pledges, we will have to back out."

djensen@sltrib.com